Public Service Company of New Hampshire and Subsidiary

Exhibit 12

Ratio of Earnings to Fixed Charges

(Unaudited)

Three Months

Ended

March 31,

For the Years Ended December 31,

(Thousands of Dollars)

2016

2015

2014

2013

2012

2011

Earnings, as defined:

Net income

$

 36,058 

$

 114,442 

$

 113,944 

$

 111,397 

$

 96,882 

$

 100,267 

Income tax expense

 22,326 

 73,060 

 72,135 

 71,101 

 60,993 

 49,945 

Equity in earnings of regional equity investees

 (2)

 (8)

 (8)

 (12)

 (8)

 (7)

Dividends received from regional equity investees

 -   

 -   

 -   

 42 

 -   

 -   

Fixed charges, as below

 12,943 

 47,949 

 46,530 

 47,318 

 52,769 

 52,111 

Less: Interest capitalized (including AFUDC)

 (241)

 (994)

 (640)

 (500)

 (1,579)

 (7,064)

Total earnings, as defined

$

 71,084 

$

 234,449 

$

 231,961 

$

 229,346 

$

 209,057 

$

 195,252 

Fixed charges, as defined:

Interest Expense

$

 12,461 

$

 45,990 

$

 45,349 

$

 46,176 

$

 50,228 

$

 44,147 

Rental interest factor

 241 

 965 

 541 

 642 

 962 

 900 

Interest capitalized (including AFUDC)

 241 

 994 

 640 

 500 

 1,579 

 7,064 

Total fixed charges, as defined

$

 12,943 

$

 47,949 

$

 46,530 

$

 47,318 

$

 52,769 

$

 52,111 

Ratio of Earnings to Fixed Charges

 5.49 

 4.89 

 4.99 

 4.85 

 3.96 

 3.75